Adicet Bio, Inc.

What they do

Adicet Bio discovers and develops allogeneic, off-the-shelf gamma delta T cell therapies engineered with chimeric antigen receptors (CARs). Its lead candidate, prula-cel, is a CD20-targeting gamma delta T cell therapy in Phase 1 for autoimmune diseases including lupus nephritis (LN) and systemic lupus erythematosus (SLE). It is also developing ADI-212, a gene-edited PSMA-targeting candidate for solid tumors, and an in vivo CAR-T platform.

Revenue drivers

• Pre-commercial pipeline (no product revenue) — The company has no approved products and no product sales; operations are funded through equity issuances rather than revenue.
• Prula-cel (CD20 CAR gamma delta T cells) — Lead clinical program in Phase 1 across LN, SLE, SSc, AAV, IIM, SPS and RA; no revenue contribution, and the largest share of development spending.
• ADI-212 (PSMA-targeted armored cell therapy) — Next-generation gene-edited candidate for metastatic castration-resistant prostate cancer (mCRPC); regulatory filing expected 3Q/2026 and Phase 1 start anticipated 4Q/2026, so no revenue to date.
• In vivo CAR-T platform — Earlier-stage discovery platform targeting hematologic malignancies and solid tumors; development-stage only with no revenue.

Recent performance

Adicet reported a net loss of $116.8 million for fiscal 2025, compared with a $117.1 million net loss in 2024; annual net losses have exceeded $115 million in each of the last three years. Diluted EPS was negative $16.95 in 2025 versus negative $21.33 in 2024. Operating cash use was $95.2 million in 2025, up from $92.4 million in 2024 and $93.7 million in 2023. As of June 30, 2026, the company reported total assets of $148.2 million, total liabilities of $28.0 million, shareholders' equity of $120.1 million and cash and equivalents of $33.1 million.

Strategy

Adicet is prioritizing prula-cel in autoimmune diseases, with a comprehensive Phase 1 update in LN and SLE expected in 3Q/2026 covering 22 patients (16 LN/6 SLE) with at least six months of follow-up. Following FDA interactions, it is advancing a potential pivotal trial design in LN and supporting planned start-up activities for a pivotal program anticipated to begin in the second half of 2026. It also expects a regulatory filing for ADI-212 in mCRPC in 3Q/2026 with Phase 1 enrollment anticipated in 4Q/2026, and plans SSc data in the second half of 2026. The company is also advancing an in vivo CAR-T platform and aims to submit a new regulatory submission every 12–18 months.

Risks

• No product revenue and recurring losses — Adicet has no approved products and has recorded annual net losses above $115 million in each of the last three fiscal years, with negative operating cash flow every year.
• Cash runway and dilution — Cash and equivalents were $33.1 million at June 30, 2026, and the company has funded operations and an April 28, 2026 unregistered equity sale through equity issuances, implying continued financing needs.
• Clinical and regulatory execution risk — Prula-cel and ADI-212 remain in or before Phase 1, so key milestones—including the 3Q/2026 LN/SLE data, the ADI-212 filing and a potential pivotal LN trial—depend on regulatory clearance and enrollment.
• Small company and share count volatility — Non-affiliate market value was approximately $50.5 million as of June 30, 2025, and 9,348,236 shares were outstanding as of May 19, 2026, with share count and per-share metrics having changed sharply across recent years.

Outlook

Management expects a comprehensive Phase 1 prula-cel clinical update in LN and SLE in the third quarter of 2026, with additional SSc data in the second half of 2026 and an RA update also in the second half. The company plans to provide more detail on a potential pivotal LN trial design in 3Q/2026 and to commence pivotal program start-up activities in the second half of 2026, subject to regulatory clearance. It also targets an ADI-212 regulatory filing for mCRPC in 3Q/2026 and Phase 1 enrollment in 4Q/2026, pending clearance, alongside an update on its in vivo CAR-T platform.